Kite Pharma Falls 6%, Co. Confirms Review Of All Facilities Involving Sterile Material

Shares of Kite Pharma Inc KITE were trading lower by more than 6 percent Monday morning after the clinical-stage bio-pharmaceutical company confirmed that its facilities are undergoing a voluntary review. Kite Pharma said its cell therapy manufacturing facilities at the National Cancer Institute (NCI) are undoing a voluntary internal review by the National Institutes Of Health (NIH). The company added this is connection with the NIH's review of all NCI facilities involving sterile material. Kite Pharma further noted the review is not related to its lead product candidate, KTE-C19 or its overall manufacturing capabilities. In fact, the company confirmed that four ongoing multi-center clinical trials of its lead product continues and that it remains on track to file an investigational new drug application by the end of the year. The stock traded recently at $47.12.